San Francisco-based digital authentication mainstream DocuSign, is slated to make its Wall Street debut in the second or third quarter, after 15 years of operating as a private company. The electronic signature company confidentially filed its papers for an IPO with the Securities and Exchange Commission.
The $3 billion company has already managed to raise more than $500 million from Google Ventures, Intel Capital, and Bain Capital, among others. DocuSign joins Spotify and Dropbox, which have also filed confidential initial public offerings with SEC this year.
DocuSign offers what might seem like a very plain service: enabling employees of companies to digitally sign documents, instead of doing so physically, hence reducing the money and time spent on paperwork processing.
The company optimizes a process that supports every business operation of a company, making it enormously valuable. The extreme need for its services is what probably gave it enough confidence to file for an IPO.
The firm has even gone beyond electronic signatures. Today, customers can now authenticate and track documents, and enable payments through payment processors, such as PayPal and Stripe. According to DocuSign Chief Executive Officer Daniel Springer the company has already started moving to new standards of accounting in order to recognize deferred revenues.
Springer joined the became CEO of DocuSign in January, 2017 in place of Keith Krach. Springer’s predecessor stepped down after 5 years at the helm of the company. Before taking his leadership role at DocuSign, Springer was the chief executive of Responsys, a marketing company which was bought by Oracle Corporation.
DocuSign mainly concentrates on businesses within the healthcare industry, financial, and insurance services. The company’s top clients include Bank of America, BBVA, and Morgan Stanley. United States is its primary market, but it has set its eyes on expanding its activities in Asia, South America, and Europe. Its main competition comes from Adobe Sign and HelloSign, among others.